Islamic Coin is a native currency of Haqq, a community-run network, dedicated to empowering an ethics-first Shariah-compliant financial ecosystem. Islamic Coin has a finite total supply and 10% of each issuance is automatically dedicated for philanthropic purposes.
Why do we need Islamic Coin?
Here are some reasons why some people believe that an Islamic coin is necessary:
- Comply with Islamic Finance principles: Islamic Finance is based on principles that prohibit the payment or receipt of interest (riba) and investing in businesses that are considered harmful to society (haram). Therefore, Islamic Coin that adheres to these principles can provide Muslims with a halal investment option.
- Global reach: Cryptocurrencies have gained popularity worldwide due to their decentralization, security, and fast transaction processing. Creating a Islamic Coin can allow Muslims from different parts of the world to transact with each other without the need for a centralized authority or financial institution.
- Increase financial inclusion: Islamic Coin can potentially increase financial inclusion by allowing unbanked Muslims to participate in the global economy. It can also help Muslim-majority countries that face economic sanctions to bypass these restrictions and conduct business with other countries.
- Promote ethical investing: Islamic Finance principles emphasize ethical investing, which means investing in businesses that contribute positively to society and the environment. Islamic Coin can incorporate these principles and promote ethical investing among Muslims.
In conclusion, Islamic Coin can provide a halal investment option for Muslims, increase financial inclusion, and promote ethical investing.
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